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SBI Remit Co., Ltd (Head office: Bunkyo-ku, Tokyo, Representative Director and Chairman of the Board of Directores: Nobuo ANDO, hereinafter “SBI Remit”), an international remittance service business operator, announces that it has entered into a business partnership agreement with Ogaki Kyoritsu Bank (Head office: Ogaki-shi, Gifu, President: Takaharu HAYASHI) and plans to begin providing services from mid July 2025.

 

 

 

■ Background and Purpose

The number of foreign residents in Gifu Prefecture was 71,617 as of the end of June 2024*¹, with many foreign nationals residing in the prefecture’s urban areas, industrial centers, and mountainous regions while engaging in a wide range of occupations, including manufacturing, agriculture, nursing care, tourism, and construction. In cities such as Gifu, Kani, Ogaki, and Minokamo, there is a large concentration of foreign workers primarily engaged in manufacturing, playing an important role in supporting the local economy. The age distribution of foreign residents in the prefecture ranges from technical interns primarily in their 20s and 30s to long-term and permanent residents, including multigenerational families from countries such as the Philippines and Brazil, reflecting a wide range of ages and nationalities*². Such diversity characterizes Gifu’s increasingly multinational and multigenerational society. To build a sustainable society in which foreign residents from diverse backgrounds can work and live together in harmony, the region’s local governments are focusing on providing support to help foreign residents play an active role in society, ranging from employment and daily livelihood support to Japanese language learning, provision of an inclusive educational environment for children, and community support to facilitate communication*².

 

SBI Remit’s mission is to provide highly convenient international remittance services to foreign residents in Japan. In addition to utilizing advanced financial technology, such as US Ripple’s distributed ledger technology, to provide secure, affordable, and speedy remittance services, with remittances completed in as little as 10 minutes. In addition, having acquired the banking agency business of SBI Sumishin Net Bank, the company offers a salary deposit bank account with multilingual support specifically designed for foreign nationals such as technical interns and specified skilled workers. Concerns over Japan’s growing labor shortage and population decline are driving an increasing demand for foreign talent. SBI Remit offers Japan’s only account that integrates remittances to foreign residents’ home countries and salary payment – two key components of the financial infrastructure for foreign nationals working in Japan. This service is receiving increasing inquiries for its introduction not only from users but also from employers of foreign nationals and regional financial institutions as a means of achieving financial inclusion. We are confident that this partnership with the Ogaki Kyoritsu Bank, an institution that has earned outstanding trust from the local community, will contribute to greater financial inclusion for foreign residents in the region.

 

The Ogaki Kyoritsu Bank is a financial institution committed to providing community-based financial services based on its core philosophy of being a bank that is loved, cherished, and trusted by the community. With the population of Gifu Prefecture projected to decline by 25% between 2020 and 2050 and the ratio of residents aged 65 and over forecasted to rise from 20% to 40% during the same period, this business partnership was formed with the aim of delivering convenience and supporting financial inclusion for foreign nationals working at businesses in the local community by offering SBI Remit’s highly convenient and secure international money transfer service, including multilingual support.

 

SBI Remit will continue to develop and provide convenient services for foreign residents and the communities that welcome them, in line with the SBI Group’s goal of delivering new value through a customer-centric approach.

 

 

*¹ Number of Foreign Residents in Gifu Prefecture (as of the end of June 2024)

https://www.pref.gifu.lg.jp/page/62167.html

*² Gifu Prefecture’s 4th Basic Policy for Promoting the Success of Foreign Human Resources and Multicultural Coexistence (March 2022)

https://www.pref.gifu.lg.jp/uploaded/attachment/292757.pdf

 

 

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